Vietnam’s Cryptocurrency Regulation Initiative
Vietnam has embarked on a transformative journey to regulate the cryptocurrency sector by launching a comprehensive pilot licensing scheme for crypto exchanges. This initiative, coming from the Ministry of Finance, is encapsulated in Decision No. 96/QD-BTC, which formally transitions the crypto market from a largely unregulated environment to a structured legal framework.
Implementation of the Licensing Framework
The implementation of this framework includes not only the issuance but also the modification and potential revocation of licenses for digital asset trading platforms, to be overseen by the State Securities Commission, which has released clear guidelines on the application process.
Historical Context and Market Entry
Historically, the cryptocurrency trading landscape in Vietnam operated in a legal gray area, lacking formal approval until recent regulatory changes. Reports indicate that around ten financial institutions, including banks and securities firms, are looking to enter this burgeoning market, contingent on acquiring the necessary licenses. For instance, SSI Securities has established a digital subsidiary focusing on blockchain technologies, which has formed partnerships with notable entities like Tether and Amazon Web Services to bolster the digital finance infrastructure.
Furthermore, institutions such as MBBank are also making strides in the crypto space, having signed a collaboration agreement with Dunamu, the operator behind the South Korean exchange Upbit. Other banks, like Techcombank and VPBank, are also actively preparing to launch regulated exchanges, pending approval.
Criteria for Participation
To ensure only qualified entities participate in the pilot program, Government Resolution No. 05/2025/NQ-CP outlines stringent criteria. Participants must be local companies with a minimum charter capital of VND10 trillion, primarily sourced from institutional investors. In addition, they must meet high standards concerning governance, technological infrastructure, and cybersecurity measures.
Market Growth and Future Prospects
According to blockchain analytics company Chainalysis, Vietnam has seen a surge in cryptocurrency transaction volumes, positioning it among the top three crypto markets in the Asia-Pacific between July 2024 and June 2025. Until the introduction of the Law on Digital Technology Industry on January 1, 2026, the digital asset trade lacked explicit legal backing.
Collaboration with Tether
In related news, Tether, a major stablecoin issuer, is engaging with Vietnamese firms to enhance cryptocurrency adoption in the nation. A representative from Tether highlighted Vietnam’s young, dynamic population and its rapidly growing economy as favorable indicators for the digital asset sector. During discussions with Deputy Prime Minister Ho Duc Phoc, Tether expressed its willingness to support Vietnam in developing legal frameworks for cryptocurrency, reinforcing the country’s intention to cultivate a regulated investment atmosphere and attract global capital for economic advancement.
